Purespring Therapeutics Series B financing
9 October 2024
Syncona Limited
Purespring Therapeutics raises £80 million in a Series B financing
· Purespring raises £80 million in a Series B financing, with Syncona committing £19.9 million[1] as part of a leading syndicate of life science investors
· Proceeds will be used to advance Purespring's strong pipeline of disease modifying gene therapies focused on kidney diseases towards clinical development, with clinical entry expected in CY2026
· Syncona's total interest in Purespring is valued at £51.2 million[2]
· On drawdown of the full Series B financing, Syncona's ownership stake in the business will be 38.1 per cent[3]
Syncona Ltd, ("Syncona" or the "Company") a leading life science investor focused on creating, building and scaling global leaders in life science, today announces that its portfolio company Purespring Therapeutics ("Purespring"), a pioneering gene therapy company focused on transforming the treatment of kidney diseases has raised £80 million in an oversubscribed Series B financing. Syncona has committed £19.9 million as part of a leading Series B syndicate, led by Sofinnova, in collaboration with Gilde Healthcare, Forbion, and British Patient Capital.
Syncona founded Purespring in 2020 as one of the first adeno-associated virus ("AAV") gene therapy companies focused on the kidney. Since foundation Purespring has made considerable progress in making gene therapies for patients with kidney diseases a reality and has maintained a world leading position in the field. The company has generated encouraging pre-clinical data validating the therapeutic potential of its technology and has developed a strong chemistry, manufacturing, and controls (CMC) platform that will support future clinical development and commercialisation. The company's technology has potential in a broad range of kidney diseases.
This latest financing brings the total amount that Purespring has raised in funding to date to approximately £115 million. Proceeds will be used to advance Purespring's strong pipeline of disease modifying gene therapies into the clinic and support the expected initiation of a Phase I/II clinical trial in CY2026 for its lead programme PS-002 targeting IgA Nephropathy (IgAN), a chronic kidney disease principally affecting young adults. IgAN is a serious disease where nearly one third of patients lose their kidney function within five years and require kidney transplantation or dialysis.
Syncona's £19.9 million Series B commitment includes the final £9.9 million tranche of its Series A commitment[4] and an additional £10.0 million commitment, of which £5.0 million has now been invested. Syncona's interest in Purespring is now valued at £51.2 million[5], incorporating capital invested by Syncona in Purespring plus £4.5 million of value attributed to rights held for a royalty relating to the company's lead programme. Value was attributed to this royalty as part of the Series B financing. Upon full drawdown of the Series B financing, Syncona's ownership stake in the business will be 38.1 per cent.
Michael Kyriakides, Investment Partner at Syncona Investment Management Limited and Board Director of Purespring Therapeutics, said: "Syncona founded Purespring with the vision of creating the world's leading kidney gene therapy company and we have been impressed with its progress. Today's financing and the strong syndicate of investors that the company has attracted broadens Purespring's financial scale and clearly validates its technology, strategy and execution to date. We look forward to working alongside Purespring and its new syndicate as it prepares for its Phase I/II clinical trial."
Julian Hanak, Chief Executive Officer of Purespring Therapeutics, said: "Nearly one tenth of the world's population, around 840 million people, suffer from chronic kidney disease. For many of them, there are few options beyond dialysis and transplantation. Our novel treatment platform and deep understanding of kidney disease puts us in a position to stop, reverse and even cure kidney disease. The funds raised will allow us to bring our novel treatments to patients in the clinic. I'm really pleased to be able to welcome such a high-quality investor syndicate to support Purespring on this journey. Having sophisticated, experienced and committed investors on board, who understand drug development and the urgency of bringing these much-needed therapies to patients will maximise the opportunities for the company and the patients we treat."
[ENDS]
Enquiries
Syncona Ltd
Natalie Garland-Collins / Fergus Witt
Tel: +44 (0) 20 3981 7912
FTI Consulting
Ben Atwell / Tim Stamper
Tel: +44 (0) 20 3727 1000
About Syncona
Syncona's purpose is to invest to extend and enhance human life. We do this by creating, building and scaling companies to deliver transformational treatments to patients in areas of high unmet need.
We aim to build and maintain a diversified portfolio of 20-25 globally leading life science businesses, across development stage, modality and therapeutic area, for the benefit of all our stakeholders. We focus on developing treatments that deliver patient impact by working in close partnership with world-class academic founders and experienced management teams. Our balance sheet underpins our strategy, enabling us to take a long-term view as we look to improve the lives of patients with no or poor treatment options, build sustainable life science companies and deliver strong risk-adjusted returns to shareholders.
Syncona Limited seeks to achieve returns over the long term. Investors should seek to ensure they understand the risks and opportunities of an investment in Syncona Limited, including the information in our published documentation, before investing.
About Purespring
Purespring is developing gene therapies to halt or prevent kidney disease, one of humankind's most poorly treated disease areas.
Founded on the work of Professor Moin Saleem, Professor of Paediatric Renal Medicine at the University of Bristol, Purespring is the first company to successfully treat kidney disease by targeting the podocyte, a specialised cell that is implicated in the majority of renal disease. Purespring's platform approach enables streamlined gene therapy development for both monogenic and non-monogenic renal diseases, offering the potential to halt, reverse and even cure both rare and common kidney diseases.
The Company currently has a pipeline of programmes in development including the lead asset for treatment of IgA Nephropathy (IgAN) and other complement mediated kidney disease. The Company also has programmes for diseases caused by mutations in the gene NPHS2, as well as other monogenic glomerular kidney disease.
Based in London, the Purespring team combines world-leading expertise in podocyte biology and kidney disease with a wealth of experience in gene therapies, anchored in a culture of diversity, creativity and delivery.
Purespring is backed by leading biotech investors, including Syncona Limited, Sofinnova Partners, Gilde Healthcare, Forbion, and British Patient Capital and has raised £115M to date.
For more information please visit: purespringtx.com and follow us on LinkedIn.
[1] Syncona's £19.9 million Series B commitment includes the final £9.9 million tranche of Syncona's Series A commitment. The total commitment by Syncona across the Series A and B financings is £55.0 million.
[2] Including the £5.0 million of new capital invested since 30 June 2024.
[3] Percentage holding reflects Syncona's ownership stake at the point full current commitments are invested.
[4] This £9.9 million tranche has been invested and was included in Syncona's 30 June 2024 valuation of Purespring.
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